West Penn Power SEF Commercial Loan Program (Pennsylvania)
Last modified on February 12, 2015.
Financial Incentive Program
|Name||West Penn Power SEF Commercial Loan Program|
|Incentive Type||Local Loan Program|
|Applicable Sector||Commercial, Industrial, (West Penn Power Service Territory Only)|
|Eligible Technologies||Solar Water Heat, Solar Space Heat, Solar Thermal Electric, Solar Thermal Process Heat, Photovoltaics, Landfill Gas, Wind, Biomass, Hydroelectric, Fuel Cells, CHP/Cogeneration, Fuel Cells using Renewable Fuels, Other Distributed Generation Technologies, Yes; specific technologies not identified|
|Energy Category||Renewable Energy Incentive Programs, Energy Efficiency Incentive Programs|
|Amount||Varies according to project; loan size expected to range between 50,000 to 300,000|
|Terms||Interest rates and fees are similar to rates offered by commercial banks|
|Program Administrator||The EMS Energy Institute of Pennsylvania State University|
|References||DSIREDatabase of State Incentives for Renewables and Efficiency|
NOTE: The program is currently accepting Request for Proposals (RFP) for Sustainable Energy Financing Projects. The applications are due by January 29, 2015.
The West Penn Power Sustainable Energy Fund (WPPSEF) promotes the use of renewable energy and clean energy among commercial, industrial, institutional and residential customers in the West Penn market region. Eligible technologies include solar, wind, low-impact hydro, sustainable biomass such as closed-loop biomass and biomass gasification, and innovative natural gas technologies as well as energy efficiency. Clean energy refers to advanced technologies, including landfill gas and fuel cells, which use fossil fuels but have significantly lower emissions and waste than current commercialized technologies and fuels derived from waste.
The WPPSEF accepts proposals for financing year round. The projects should be aligned with WPPSEF's mission and should benefit the West Penn Power ratepayers. Funding for eligible projects may include commercial loans, equity investment, subordinated debt and royalty financing. Commercial loans are available to manufacturers, distributors, retailers and service companies involved in renewable and advanced clean energy technologies, as well as energy efficiency and conservation products and services to end-user companies and community-based organizations. WPPSEF intends to initiate loan programs in conjunction with other agencies and intermediaries to ensure an adequate flow of financing proposals for consideration.
WPPSEF will seek out loan proposals that may not be currently bankable but are acceptable credit risks. For small business lending, the ability to repay a business loan is based primarily on operating cash flow. Also, commercial lending is based on the management experience, ability and character of the management team. WPPSEF will offer term loans to finance energy-efficient equipment, construction, and provide working capital financing as part of a larger request. WPPSEF would charge a below market rate of interest, and secure the loans with available collateral. Further information on funding opportunities can be found on the program web site listed at the top of this page.
|Contact Name||Joel Morrison|
|Department||The EMS Energy Institute|
|Address||Pennsylvania State University|
|Address 2||C-211 CUL|
|Place||University Park, Pennsylvania|
- Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.